Question: I’m seriously considering filing for bankruptcy very soon. After filing for personal bankruptcy, how does this effect employment with regards to being bonded? Will being an undischarged or discharged bankrupt harm my chances of being able to be bonded?
Bankruptcy, Bonding and Employment
If you are in a position or applying for a job that requires bonding, in most cases, you can still be bonded while bankrupt. However, every bonding agency is different, so before deciding to file bankruptcy you should contact your employer, or the bonding agency, to confirm that your bankruptcy will not affect your ability to be bonded. If you are not yet bonded and are applying for a job that requires bonding most bonding agencies will ask to see your credit report. Your credit report will contain a note that you have filed for bankruptcy. Generally filing for bankruptcy does not affect your employment. Unless you ask for your employer to be notified (for example you would like to have a wage garnishment stopped) your employer will not know that you have filed for bankruptcy. If you are applying for a new job, your potential employer will not know that you have declared bankruptcy unless you are asked to disclose that information as a condition of your employment. Even if you are not required to be bonded, some companies (such as financial institutions) may ask to see your credit report if you are dealing with money on a regular basis. Again if you are already employed in such an occupation you should talk to your employer about the impact of filing bankruptcy on your job. If you have questions about the impact of filing bankruptcy in Canada, we recommend you contact a federally licensed, professional trustee in bankruptcy. They will be happy to explain the consequences of filing bankruptcy in your situation.